Sunday, April 14, 2024

6 cost-cutting tricks for small businesses

For any business finding new
ways to save money where possible is always a smart move. But for a small
business, it can make a huge difference. If you’re a start-up, in the early
stages or have been up and running for a while, making a few clever cuts can really
help save the pennies. Here are just a few ways to do this.

Go digital only

This might be tricky – or near impossible – depending on what industry you are in. But going digital-only can help save on printing costs and save on the hardware itself, paper and ink or toner. Unless each staff member has an allowance, printing can be done freely and become a hidden cost eating away at your budget. And by going digital, you will also boost your eco status. It will take some adjusting, but if you are a business where printing is not essential, it is worth looking at.

You have the option of taking small office spaces for rent according to your team size without having to deal with unreasonably high rent costs. Small businesses can now work in a fully equipped office without the hassle of setting it up from scratch. This will save you a lot of cost at the end of the year.

Go green

Going digital-only is not the
only way to boost your green credentials and save money at the same time.
Whether you are a business based at home or rent an office to operate out of, there
are some simple adjustments you can make to go green and they all come down to
one thing: energy.

With lights, computers, printers
and the many coffee rounds, it is easy to see how the energy bill can climb.
There’s one simple thing you can do to reduce these costs: installing LED
energy-saving bulbs – these bulbs have been found to cut the electricity bill in our homes by 90%.

Find the middle

If you have been running your
business from your home, you may now have reached a crossroads in the running
of it. Have sales boomed and you are now running out of space to contain your
stock? If this is you, you may now be thinking about renting a small office
space to work from and store your items. However, this can be costly and see
you tied in with long contracts. A cost-effective solution is to rent a
self-storage unit. Storage units, like these available from Cubic
, are a safe and secure way to
free up space and still run your business effectively.

Reduce meetings

Have you ever sat in a meeting
and thought: ‘this isn’t needed right now’? Well, an unnecessary meeting can
actually be a great cost to your business. Want to find out how much your
Monday morning meetings are costing. You can calculate the
true cost of your meeting
here. You can
reduce meetings by using a traffic light system. If the issue is red, you can
make it a meeting to be addressed urgently. If it’s a green, you can ask for it
to just be an email.

Invest in technology

Technology has
evolved massively
. There is not a sector which
has not been touched by the advancements made, so take full advantage of this.
If your current computer is running on the slow side and the printer regularly
loses connect, it might be time for an upgrade. While this is a cost to the
business, in the long run, it can boost productivity and efficiency.

Get tactical with
your travel

This one can save you a lot of
cash, but with some clever planning. If you need to travel for meetings and
events, you should aim to plan as far in advance as possible. As the saying
goes: the early bird catches the worm. And in this case, the early bird gets
the best deals. If you need to drive, look at leaving before or after rush
hour, that way you won’t be wasting fuel or time being stuck in traffic. If you
choose to catch the train, here a few things you can do to save (quite a few)

  • Avoid peak times –
    this is usually early morning and late evening, Monday to Friday
  • Split the tickets –
    it can sometimes work out cheaper to split your tickets and in some cases these
    do not even require you to get off and change.
  • Get a railcard – if
    you qualify then a railcard offers you discounts on travel. Great if you’re a
    frequent traveller.
  • Avoid booking fees –
    While it may not seem a lot at the time all those little booking fees will soon
    add up.

There are many ways to cut costs
in your business, from changing a lightbulb to planning more efficiently. While
at first, these may not seem to make huge savings, over time, they will make a
big difference to your overall spend. Thinking outside of the box and making
the small changes now will make the biggest impacts later on.

Claire James
Claire James
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

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